News in brief

Tan Chong Motor Holdings Bhd, the sole distributor and assembler of Nissan vehicles in Malaysia, posted a pre-tax profit of RM36.09mil for the second quarter ended June 30, down from RM46.58mil in the previous corresponding period. Revenue fell to RM371.03mil from RM385.33mil.  

For the first half to June 30, its pre-tax profit was RM68.07mil versus RM80.74mil a year ago.  

Revenue declined to RM720.91mil in the six-month period from RM763.21mil previously due to lower unit sales of the high-value Cefiro model, Tan Chong said in a statement to the KLSE. 

The company said it sold about 7,900 units of vehicles in the first six months of 2003, marginally less than the 7,960 units sold in the first half of last year. 

Strong sales of the Nissan 4x4 XTrail in May and June helped cushion a decline in sales of the Cefiro, it said. 

Tan Chong said the volume of Nissan vehicles sold in the second quarter was 2% higher than in the preceeding quarter owing to strong sales of the 4x4 XTrail and Nissan diesel medium and heavy commercial vehicles. 

Baring unforeseen circumstances, Tan Chong said the operating performance of the group was expected to remain satisfactory in the rest of the year. – Bernama 

Warisan TC Holdings Bhd reported a pre-tax profit of RM13.22mil for the six months ended June 30, compared with RM13.22mil in the corresponding period of last year. 

Revenue was slightly higher at RM107.55mil compared with RM107.13mil a year ago. – Bernama 

MAA CORP SDN BHD’S wholly-owned subsidiary MAA International Investments Ltd has acquired 100% stake in Citisec Asset Management Inc. (CAMI) for 13 million pesos (100 pesos=RM7.14). 

MAA Corp is a wholly-owned subsidiary of MAA Holdings Bhd. The acquisition of CAMI was carried out in line with the vision of the group to become a major Asian financial services provider. – Bernama 

Gadang Holdings Bhd said it has received Securities Commission's (SC) approval to issue loans stocks to repay its debts due to Danaharta Managers Sdn Bhd. 

The company said in a statement the SC approved its proposed issue of RM35mil irredeemable convertible unsecured loan stocks (ICULS) 2003/2008 and RM23.77mil redeemable secured loan stocks (RSLS) 2003/2008 to Danaharta Managers. 

The ICULS and RSLS carry a coupon rate of 2% and 3% respectively. They are issued on the basis of RM1 nominal value of ICULS for every RM1 nominal value of debt owed. – AFX 

Ann Joo Resources Bhd posted a higher pre-tax profit of RM41.77mil for the six months ended June 30, compared with RM20.75mil in the corresponding period last year. 

The company’s turnover totalled RM229.01mil, up from RM197.44mil previously. – Bernama 

Mah Sing Group Bhd reported pre-tax profit of RM6.65mil in the six months ended June 30 compared with RM5.04mil in the corresponding period last year. 

Turnover, at RM79.91mil, was lower that the RM103.32mil posted in the year-ago period. – Bernama 

HUME CEMBOARD BERHAD said it is proposing to change its name to Narra Industries Bhd. 

The move is to reflect the change in its business and assets following the completion of its acquisition of Hume Furniture Industries Sdn Bhd. 

The company said it has also disposed of its cemboard business. – AFX  

Berjaya Land Bhd (BLand) announces that the BLand group is considering a placement of up to 200 million Berjaya Sports Toto Bhd shares to raise cash to pay down the inter-company advances owing to Berjaya Toto. 

Details of the proposed placement and the repayment of the inter-company advances owing to Berjaya Toto will be announced in due course. – Bernama 

Puncak Niaga Holdings Bhd'S wholly owned subsidiary Puncak Niaga (M) Sdn Bhd was served with a Writ of Summons by GCE Utilities (M) Sdn Bhd. 

GCE is claiming a sum of RM84.47mil allegedly due to GCE as at June 6 for works carried out under the Operation and Maintenance Sub-Contract dated May 31, 1995, late interest charges as at Dec 31, 2002 and other costs.  

Puncak Niaga said its subsidiary was disputing the claim and would engage a firm of solicitors to advise on the best course of action to be taken to defend this action.– Bernama 

UMW Holdings Bhd’S pre-tax profit for the first six months ended June 30, increased by 8.6% to RM235.1mil from RM216.4mil in the corresponding period a year ago. 

UMW said turnover for the first six months was 35.1% higher at RM2,397.7mil compared with RM1,774.3mil previously. 

Based on the Malaysian Automotive Association’s statistics, total industry volume for vehicle sales of 199,438 units for the first six months ended June 30, was down 9% from the 219,141 units sold in the corresponding period of 2002. 

However, sales of non-national vehicles rose 18% to 54,399 units from 46,102 in the same period last year. 

Higher sales of Toyota vehicles, better performance of the equipment division, particularly in industrial equipment sales, and relatively stable Japanese yen exchange rates contributed to the higher pre-tax profit for the period. The group, however, recorded a lower pre-tax profit for its second quarter of RM113.5mil compared with RM118.3mil in the previous corresponding quarter. – Bernama 

JT International Bhd (JTI) posted a 31.7% rise in pre-tax profit to RM53.9mil for the first half 2003 from RM40.9mil in the same period last year. 

Turnover was lower, however, at RM324.2mil compared with RM337.5mil a year ago, JTI said in a statement.  

For the second quarter to June 30, the company registered a 56.3% increase in pre-tax profit to RM25.8mil from RM16.5mil in the previous corresponding period. 

The rise in profit was attributed primarily to lower marketing and operating expenditure, coupled with higher sales volume. 

The cigarette maker said that in the first six months of the year, it was faced with intense competition from new players in the premium menthol segment.  

To address this competitive issue, it had launched New Salem towards the end of the second quarter. – Bernama 

APM Automotive Holdings Bhd reported a lower pre-tax profit of RM30.222mil for the first six months ended June 30, compared with RM50.129mil in the previous corresponding period.  

Net profit fell to RM21.888mil from RM36.598mil previously, while turnover declined to RM326.882mil from RM341.487mil. – Bernama 

MALAYAWATA STEEL BHD reported a pre-tax profit of RM16.484mil for the first six months ended June 30, against RM16.761mil for the previous corresponding period.  

Net profit rose to RM12.625mil from RM11.915mil previously while turnover increased to RM179.135mil from RM172.135mil. - Bernama 

HLG CAPITAL BHD is proposing a renounceable rights issue of up to 62.145 million new shares at RM1 per new share on the basis of one new share for every two shares held.  

The gross proceeds from the proposed rights issue are to be for part repayment of the banks borrowings of the company and to defray expenses in connection the with rights issue. – Bernama  

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